The final GST Rate Schedule for goods: Here is everything you need to know

GST Rate Schedule for goods has been finalized

The Goods and Services Tax Council on Friday finalized four taxes rates. Notably tax rate of 5, 12, 18 and 28 percent will be applied on services including telecom, insurance, hotels and restaurants under the biggest tax reform since independence. According to reports, GST rates for certain goods like textiles, footwear and precious metals are yet to be decided by the council.

Representative Image

As per reports, the council has also decided 1 percent tax collected at Source (TCS) rare for e- commerce players such as Flipkart, Snapdeal , even though the law provides for a levy of 2 percent rate.

Notably, the rates all items except a handful including gold, have been now decided. GST will get implemented on 1 July. Earlier, it was supposed to get roll out on April 1st but was delayed. The government categorized 1211 items under various tax slabs.